After Hyperliquid (HYPE) fell to $40, whales rushed into the market to accumulate.
According to Onchain Lens, a whale sold 1,733 XAUT for $7.83 million before depositing $10.2 million into HyperLiquid and purchasing 103,636 HYPE worth $4.7 million. Shortly after, the whale opened a 5x leveraged long position on HYPE, signaling bullish sentiment.
Another whale deposited $4.87 million into HyperLiquid to acquire 102,055 HYPE. Together, the two whales have accumulated 205,691 HYPE valued at $9.57 million. Notably, the accumulation of whales amid market weakness showed confidence in the market.
An impact on HYPE?
Whale accumulation has had a significant impact on HYPE price movement. The altcoin rose from a low of $40 to a high of $46 before retracing.
At press time, HYPE was trading at $45, up 7.5% on the daily charts. With the price increase, the bullish momentum has strengthened significantly.
As a result, the Stoch RSI rose to 74, approaching the overbought zone, reflecting strong buying pressure. At the same time, the altcoins indicator Bulls vs. Bears turned positive, confirming a change in market dynamics.
Taken together, these two indicators suggest that buyers largely motivated by whales have managed to outcompete sellers. Often, such a market move followed strong upward momentum.
If market sentiment holds, HYPE is likely to swing to $47 and target long-term resistance at $50.
Hyperliquidity remains faced with high profit taking
While some whales dived to accumulate, others also panicked and closed their positions as the market fell.
AMBCrypto earlier reported that a whale capitulated after two months of accumulation, making a profit of $2.8 million. Although this whale has been rushing to cash out, the market has shown relative strength on the demand side. Even with the price rebound, this profit-taking behavior continued. When it comes to foreign exchange activity, sellers have significantly increased their spending.
However, the altcoin’s Spot Netflow has been positive for two consecutive days, indicating that exchange flows will increase. At press time, Netflow stood at $2.8 million, up from $1.4 million the day before.
Historically, increased profit taking by whales, especially when an asset is recovering from a decline, weakens the market. As a result, bearish pressure builds and often leads to a further decline if demand fails to keep pace.
Under these circumstances, with whales active on both the sell and buy sides, Hyperliquide finds itself at a crossroads. So the next move depends on which side shows the greatest determination.
For now, HYPE is more likely to trade in a range, as bulls and bears fight for control of the market.
Final summary
- Two hyperliquid whales purchased 205,691 HYPE, worth $9.57 million, in the middle the decline in the market.
- HYPE rebounded from a $40 slump to $46 before falling back to $45 amid whale accumulation, but profit-taking threatens that recovery.
